Tversky and Kahneman (1973)asked Participants to Estimate Whether the Letter

question 24

Multiple Choice

Tversky and Kahneman (1973) asked participants to estimate whether the letter 'R' more often held the first position of words or the third position of words.Most participants incorrectly estimated that the letter 'R' held the first position of words rather than the third position.What is the most plausible explanation for this finding?

• A) Participants did not think hard enough.
• B) Participants were able to recall words that started with 'R' more easily.
• C) Participants utilized the framing heuristic.
• D) Participants utilized selective filtering which biased their answers.

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Definitions:

Cloth Production

The process of creating textiles or fabrics from fibers through weaving, knitting, pressing, or bonding.

Heckscher-Ohlin Model

An economic theory that proposes countries will export products that utilize their abundant and cheap factor of production, and import products that require resources that are scarce domestically.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than competitors, leading to more efficient trade.

Intensive

Refers to a method or approach focusing deeply on a specific area or aspect, often requiring a high degree of effort or concentration.